March 8th Macroeconomic Index: China's Forex Reserves Rise, New Energy Vehicle Charging Volume Surges

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Domestic News

1. 35 companies on the Beijing Stock Exchange were surveyed by institutions

2. State Administration of Foreign Exchange: China's economy is resilient, has great potential and vitality, and the long-term positive trend of the economy will continue to consolidate and strengthen, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves

3. The second "Minister's Channel" interview activities of Second Session of the 14th National People's Congress will be held on the morning of the 8^th

4. During the Spring Festival, the highway charging volume of new energy vehicles increased by nearly 70% year-on-year

International News

1. Germany is caught in a new wave of strikes that may trigger chain effect on the entire European supply chain

2. In February this year, the global average temperature hit a record high

3. ABN AMRO: Continue to expect the ECB to cut interest rates for the first time in June

4. Abandon the century-old company name, and Moody's Investors Service will be renamed Moody's Ratings

Domestic News

1. 35 companies on the Beijing Stock Exchange were surveyed by institutions

In the past month, a total of 35 companies on the Beijing Stock Exchange have been surveyed by institutions, and the types of research institutions show that brokerages have conducted research on 33 companies, 19 fund companies, 15 sunshine private equity companies, 4 insurance companies, and 2 overseas institutions. In the list of institutional research, Jianbang Technology participated in the survey with a total of 61 institutions, which attracted the most attention, followed by Hongxi Technology, Suzhou Axis Co., Ltd., and CapitaLand Quartz, with 31, 31, and 28 institutions participating in the survey respectively.

2. State Administration of Foreign Exchange: China's economy is resilient, has great potential and vitality, and the long-term positive trend of the economy will continue to consolidate and strengthen, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves

According to the statistics of the State Administration of Foreign Exchange, as of the end of February 2024, China's foreign exchange reserves were $3,225.8 billion, an increase of US$6.5 billion, or 0.20%, from the end of January. In February 2024, affected by macroeconomic data from major economies, monetary policy expectations and other factors, the US dollar index rose, and global financial asset prices were mixed. Factors such as exchange rate translation and changes in asset prices combined to increase the scale of foreign exchange reserves in the month. China's economy is resilient with great potential and vitality, and the long-term positive trend of the economy will continue to consolidate and strengthen, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves.

3. The second "Minister's Channel" interview activities of Second Session of the 14th National People's Congress will be held on the morning of the 8th

The Press Center of the Second Session of the 14th National People's Congress issued an announcement on March 7 that on the morning of March 8, 2024 (after the second plenary session), the second "ministerial channel" centralized interview activity of the Second Session of the 14th National People's Congress will be held in the North Hall of the Great Hall of the People, and some of the main responsible persons of relevant ministries and commissions of the State Council who attended the meeting will be invited to be interviewed.

4. During the Spring Festival, the highway charging volume of new energy vehicles increased by nearly 70% year-on-year

According to the State Grid Smart Vehicle Networking Platform, during the Spring Festival in 2024, the highway charging volume of new energy vehicles in China increased significantly, an increase of nearly seventy percent over the same period last year. According to the data, during the Spring Festival this year, the highway charging volume of new energy vehicles reached 134 million kWh, a year-on-year increase of 69.35%, and the highway charging orders reached 5.9636 million, a year-on-year increase of 53.29%.

International News

1. Germany is caught in a new wave of strikes that may trigger chain effect on the entire European supply chain

Germany is experiencing a new round of traffic disruptions as weekend services are affected due to strikes by airport ground staff and train drivers, respectively. Deutsche Lufthansa said the number of flights on Thursday and Friday would be limited to 10 to 20 percent of its original flight schedule, and advised travelers to avoid Frankfurt and Hamburg airports where security personnel are on strike. It is reported that after negotiations with state-owned railway operator Deutsche Bahn broke down, train drivers began a freight strike on Wednesday evening and a passenger strike on Thursday morning. This is the fifth strike in a round of unpleasant negotiations, which have now entered the stage of independent mediation. Deutsche Bahn has warned that this will have a chain effect on the entire European supply chain from disruption to freight. In addition to the transport sector, discontent has spread to sectors such as agriculture, with farmers blocking roads and holding rallies across the country to protest subsidy cuts.

2. In February this year, the global average temperature hit a record high

Saudi Arabia, the largest oil exporter, raised the official selling price of its flagship Arabian Light crude to Asia in April, in line with expectations. Saudi Aramco set the OSP of Arabian Light crude for April shipments to Asia at a premium of $1.70 per barrel to the average Oman-Dubai average, slightly higher than the previous premium of $1.50, which is in line with market expectations. Saudi crude exports to northwestern Europe were cut by 60 to 70 cents a barrel in April, while crude exports to the United States were little changed.

3. ABN AMRO: Continue to expect the ECB to cut interest rates for the first time in June

ABN AMRO: The ECB is expected to keep its policy rate unchanged. Governing Council members, including Governor Christine Lagarde, have already indicated that their views on inflation have become more optimistic, but further progress is needed before they can fully believe that inflation will reach the ECB's target in a timely and sustainable manner. As a result, we continue to expect the first rate cut in June.

4. Abandon the century-old company name, and Moody's Investors Service will be renamed Moody's Rating

Moody's Corp changed the name of its credit rating subsidiaries, and Moody's Investors Service was renamed to Moody's Ratings. At the same time, the name of Moody's Analytics, a financial information company, was shortened to "Moody's". The 115-year-old company wanted to clarify the roles of its two main businesses.

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